Hindsight is 20/20, but one stock market watcher is willing to predict that stocks are not overbought. Canaccord Genuity Chief Market Strategist Tony Dwyer suggests that economic expectations are set too low, which gives the impression that conditions are worse than they are.

For instance, if you look at signals such as the pace of manufacturing growth around the world, most recently in Germany, things look pretty dismal. So bad, in fact, that another recession could be on the horizon.

Not so fast, says Dwyer.

In this environment, monetary policy is ripe for easing, not tightening, which is the recipe that stocks need for a sustained rally. Despite the uncertainty, Dwyer says investors shouldn’t worry that the market has “gotten ahead of itself.” Instead, be opportunistic and use the economic backdrop to buy stocks.

He comments:

Use weakness as your advantage until you have identification through the credit markets of an imminent recession…There’s no sign that we’re on the precipice of this huge economic downturn. Our view is you want to be buying weakness as it comes, and it’s going to come.”

"There's no sign that we're on this precipice of this huge economic downturn." @DwyerStrategy says to "use weakness as your advantage until you have identification through the credit markets of imminent recession."